A Walk-through Guide to $BULB Tokens

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19 Mar 2022

375

Introduction

If this is your first time reading about BULB, then let us introduce ourselves. BULB is a crypto-based blogging platform where you can ‘do-to-earn’ and more specifically, write-to-earn (W2E) and read-to-earn (R2E) BULB Tokens. Our mission is to create a community where ideas, passion and engagement are rewarded!

We understand that the first few questions you may have will be: how can I actually earn BULB Tokens? How are they distributed to me? Or perhaps, what is the utility of BULB Tokens? So, we thought it would be useful to walk you through how BULB Tokens are earnt, distributed and can be used on our platform.

How Can I Earn BULB Tokens? You can earn BULB Tokens in just 3 simple steps…

Step 1: Collect BULBmojis

Figure 1: Five Classes of BULBmojis (Order: Lowest to Highest Value)

There are 5 classes of BULBmojis which can be earned by completing various ‘actions’ on the platform. Each BULBmoji represents a certain number of points and is roughly based on the level of ‘effort’ required to complete each action.

You can collect the following BULBmoji’s:

Writer: Collected by writing blogs
Sharer: Collected by sharing Blogs
Talker: Collected by giving or receiving comments
Reader: Collected by reading blogs or getting reads
Reactor: Collected by giving or receiving reacts

To collect a BULBmoji, you will be need to spend some of your daily allocation of BULB energy points (think of this like a battery) which will be replenished throughout 24 hour intervals.

Step 2: Collect Points

After you complete an action on the platform, BULBmojis earnt will automatically translate into points which will adjust your ranking on a points leaderboard among other users.

Step 3: Earn BULB Tokens

At the end of each week, you will be able to claim BULB Tokens from a pre-determined distribution pool and be awarded a denomination of BULB Tokens based on your leaderboard rank. BULB tokens will be automatically distributed to your registered SPL wallet address (we recommend using Phantom).

How are BULB Tokens Distributed?

BULB Tokens are awarded to users through a token pool that will be distributed at the end of every week. For instance, 250 million tokens will be rewarded to users during our first year, which equates to approximately 4,807,692 tokens per week.

The user reward system uses the following formula:

Pool Allocation (%) = User Points / Total Aggregate Points

For illustrative purposes, take three users with total points equalling 100…User 1 has 50 points and will receive 50% of the total pool allocation or 2,403,846 BULB Tokens

User 2 has 30 points and will receive 30% of the total pool allocation or 1,442,308 BULB Tokens

User 3 has 20 points and will receive 20% of the total pool allocation or 961,538 BULB Tokens.

Simple right?

How Can I Use BULB Tokens?

Now that you have written some works of literary genius, read up on your favourite topics, supported others in the community and collected your BULB Tokens as a reward. You’re probably wondering how do I actually use them?

Here is how…

Figure 2: Three key ways to use BULB Tokens

In the early stages, there are three key ways for you to use your BULB Tokens. First, you can purchase and read premium content from other members of the community. Second, you can mint and collect NFTs on the Solana blockchain and then trade these NFTs using BULB Tokens. Our key NFT concepts will include tokenising your articles and creating usable, tokenised features to make your profile unique. Third, you can buy and consume tradables such as BULB energy on an open peer-to-peer marketplace available on the platform.

That said, you can also collect BULB Tokens and hold them as a speculative asset 🚀🚀🚀This is just the tip of the iceberg and our team is working hard to bring you more features and use cases for BULB Tokens. If you have a brilliant idea on a potential new way to use BULB Tokens, you can voice your opinions to us via Discord!